CareDx Inc (NASDAQ:CDNA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $1.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential downside of 0.99% from the stock’s previous close.

According to Zacks, “CareDx, Inc. is a commercial stage company. It develops, markets, and delivers a diagnostic surveillance solution for heart transplant recipients. The Company provides AlloMap, a noninvasive blood test used to aid in the identification of heart transplant recipients. It is also pursuing other areas of transplant surveillance, such as the use of cell-free DNA (cfDNA) as a biomarker for rejection. CareDx, Inc. is based in Brisbane, California. “

CareDx (NASDAQ:CDNA) traded up 3.06% during midday trading on Thursday, reaching $1.01. 220,621 shares of the company’s stock traded hands. The firm’s 50-day moving average is $1.05 and its 200 day moving average is $2.20. The firm’s market cap is $21.60 million. CareDx has a 52-week low of $0.76 and a 52-week high of $6.08.

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In other news, major shareholder Neil Gagnon bought 123,160 shares of the company’s stock in a transaction dated Thursday, March 16th. The shares were purchased at an average price of $1.83 per share, for a total transaction of $225,382.80. Following the completion of the purchase, the insider now owns 778,133 shares in the company, valued at approximately $1,423,983.39. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last quarter, insiders bought 145,112 shares of company stock worth $245,945. Insiders own 13.33% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Armstrong Henry H Associates Inc. purchased a new position in shares of CareDx during the first quarter valued at about $22,450,000. Royce & Associates LP increased its position in shares of CareDx by 72.2% in the fourth quarter. Royce & Associates LP now owns 426,361 shares of the company’s stock valued at $1,151,000 after buying an additional 178,743 shares in the last quarter. Highland Capital Management LP increased its position in shares of CareDx by 8.9% in the fourth quarter. Highland Capital Management LP now owns 1,615,024 shares of the company’s stock valued at $4,360,000 after buying an additional 132,503 shares in the last quarter. Finally, Gagnon Securities LLC increased its position in shares of CareDx by 12.8% in the first quarter. Gagnon Securities LLC now owns 2,026,338 shares of the company’s stock valued at $2,837,000 after buying an additional 230,494 shares in the last quarter. Hedge funds and other institutional investors own 38.35% of the company’s stock.

CareDx Company Profile

CareDx, Inc is a molecular diagnostics company. The Company is focused on the discovery, development and commercialization of clinically differentiated diagnostic surveillance solutions for transplant patients. The Company’s commercialized testing solution, the AlloMap heart transplant molecular test (AlloMap), is a gene expression test that helps clinicians monitor and identify heart transplant recipients with stable graft function having a low probability of moderate/severe acute cellular rejection.

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